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<br />32. <br /> <br />ECONONnC DEVELOPMENT AGREEMENT BETWEEN <br />THE CITY OF SAN MARCOS AND GLOBAL ROCK INVESTMENTS, LTD. FOR <br />RENOVATION OF HISTORIC BUILDING <br /> <br />This economic development agreement (the "Agreement") is entered into on June m <br />2005 (the "Effective Date") between the City of San Marcos, Texas (the "City"), a Texas <br />municipal corporation, Global Rock Investments, Ltd., ("Global Rock"), a Texas limited <br />partnership. <br /> <br />RECITALS: <br /> <br />1. The City and Global Rock enter into this Economic Development Agreement <br />pursuant to a program of the City under Chapter 380 of the Texas Local Government Code, for <br />the purpose of facilitating the renovation of the historic building located at lOO South LBJ <br />Drive in San Marcos, Hays County, Texas, known commonly as the "Too Bitter" building (the <br />"Building"). <br /> <br />2. The City has invested substantial funds in the downtown area ofthe City, including <br />funds for sidewalk, street, parking, lighting and landscaping improvements, and funds for the <br />San Marcos Main Street Program. <br /> <br />3. The City has provided development incentives for several projects involving <br />renovation of privately owned historic buildings in the downtown area. <br /> <br />4. The City is authorized by Chapter 380 ofthe Texas Local Government Code to make <br />loans or grants of public funds for the purpose of promoting local economic development and <br />stimulating business and commercial activity within the City. <br /> <br />5. The Building, which is near the downtown Courthouse Square, has been vacant, <br />unused and deteriorating for a period of over 15 years, and the renovation ofthe Building will <br />foster a healthier economic climate for all businesses and property owners in the downtown <br />area. <br /> <br />6. Global Rock has proposed to purchase the property on which the Building is situated <br />(the legal description for which is a 0.288 acre, more or less, portion of Lot 5, Block 9, <br />Original Town of San Marcos, as more particularly described on the attached Exhibit A) (the <br />"Property") and renovate the Building for commercial and residential uses, with assistance <br />from the City as described in this Agreement. <br /> <br />7. The City Council finds and determines that a grant to Global Rock in connection <br />with the performance by Global Rock of its obligations under this Agreement will serve the <br />public purpose of promoting local economic development and enhancing business and <br />commercial activity in the City. <br /> <br />8. The City Council finds and determines that this Agreement clearly promotes <br />economic development in the City, meets the requirements of Chapter 380 ofthe Texas Local <br /> <br />City of San Marcos/Global Rock Economic Development Agreement <br />Page 1 01'6 <br />